A Trust is overseen by an individual or organisation (Trustee) for the benefit of others (beneficiaries).
Typically, a Proprietary companies (Pty LTD) can act as a Corporate Trustee. If this is the case, the Proprietary company will not have an Australian Business Number (ABN).
If your business falls into this business type, follow these steps on the Tell us about your company step of your setup form:
1. Select Trust as your business type
2. Enter the ABN / ACN for the Trust
3. Choose your industry and provide a description of what your company does
4. Enter the name and date of birth of all Trustees
If your Trustee is a Company, enter the full company name and ABN.
5. Enter details of all Ultimate Beneficial Owners
This will include:
- An individual who owns 25% or more of the capital of your Trust
- A group of individuals. If this is the case please enter the controller of the class as listed on your Trust deed
- An individual with control over the Trust including settlers, Trusts, or protectors as listed on your Trust deed
Please note that we may not be able to automatically verify this information. If this is the case, we will require you to provide supporting documents to confirm their details.
6. Upload your Trust Deed & Bank statement
Click here to go to the guide for the next step, Adding your contact details.